killerhales

My wife has just applied for this so I thought a brief note about the process may be helpful to others:

I should start by saying that she has reached her "preservation age" which can affect the amount of withholding tax you have to pay (our understanding is that she will have tp pay 15%).

It is best to do this on line on the ATO website as they confirm your immigration status free of charge (saving $55) and send the application to your super provider for you.

The online form asks for a lot of details, such as your SPIN (superannuation product identification number) and Fund SFN, but you can find these on a handy website www.spindirectory.com.au which has a search function that worked easily for us.

You then complete the online ATO form at this address:
https://applicant.tr.super.ato.gov.a...ult.aspx?pid=1

We will keep you all informed how we get on and how long it takes for the funds to be released. What we don't know at the moment is what form the funds are sent in; we are concerned that we will get an A$ cheque which isn't that great as we don't have a functioning A$ bank account any more.

If anyone knows more or if there are any questions then please join the thread.

I'll be applying for mine next year, but the process will be different as I am an Aussie citizen (50/50)

JAJ

Australian citizens and permanent residents cannot legally access a Departing Australia Superannuation Payment.
https://www.ato.gov.au/Forms/Applyin...super-payment/

If you have reached an eligible age - different situation.

fulwood

Killerhales, long time since you posted on forum.. Nice to see you back even if momentary..

killerhales

Sure, I'll be applying as a regular Aussie citizen having reached my preservation age. I could leave it there but I'm assuming the general direction of interest rates in the UK will be going up and the opposite in Oz, so best to get dollars out ASAP

killerhales

Thanks so much, I should keep an eye on the forum more often! One of my former employees is hoping to come to Oz with his Oz girlfriend so I've told him to get onto the Australia forum and get some good advice! I'm thinking of going back for a visit in the New Year as our little business goes into hibernation in Jan/Feb

MissGB

How do you apply as an Aussie citizen when you are living in the UK? Is it as simple as taking the superannuation as a lump sum and just depositing it in a UK bank account? I will be in the same situation in a few years (reaching the preservation age!) so keen to hear how you go with that. I am also 50/50

killerhales

My own fund (Mercer) has a form that you need to fill in. it must be accompanied by a certified copy of your passport. The type of people that can certify the copy are listed on the form (but there is a different list for those inside Australia and those outside Australia).

As far as I can see they will send a lump sum (minus tax). As I mentioned earlier, my interpretation of the information on the ATO website is that 15% withholding tax is payable.

I'm just about to update how my wife is getting on and then in February next year I'll let the forum know how I get on.

killerhales

OK, here's an update on my wife's application (she is NOT a citizen or permanent resident).

We got an email from Mercer with a number of forms that have to be completed. First one is proof of identity. A copy of my wife's passport has to be certified by an employee of the Australian government (not many of those around here) or a notary public. Our local notary public is charging us 45 quid for that service!

We have to nominate how we want to be paid (can be to an active Australian bank account in my wife's name) or alternatively to a UK account by telegraphic transfer. There is a fee for the telegraphic transfer but it doesn't say how much.

Once we send these things off I will provide an update when we get a reply.

We really wanted to send the funds to someone like Ozforex as you get a miles better rate than the bank, but this does not seem to be possible as the account you send the money to must be in your name.

spouse of scouse

Does your wife still have an Oz bank account? If so, it's easy to transfer the money from that account to Ozforex electronically, who will in turn deposit it into an UK account you nominate.

Pollyana

Just what I was thinking, get the money in the Aus account then move it for fre
Aus State Govt employee in the Uk in 3 weeks, wiling to sign forms in exchange for a pint of Herefordshire cider...!

spouse of scouse

What a great offer! Don't forget to ask for 2 pints though - one for the meerkat

Pollyana

He'll never say no to a good pint!

spouse of scouse

That is SO cute Polly

killerhales

OK folks, so the funds arrived in our account on October 21st. They just appeared with no letter or email from our super provide in Australia.

Two issues to report: firstly, we sent the notarised documents to our super provider using a Royal Mail tracked service. We checked the tracking on a regular basis and finally had to phone when there was no sign of the documents having arrived. We were informed that there was an issue with the service which was being discussed by Royal Mail & Australia Post "management".
Obviously they did arrive otherwise the payout wouldn't have been made, but we simply couldn't see this on the on-line tracking

Secondly, the funds received are some 20% less than we expected!! We knew we had to pay 15% withholding tax and we assumed our provider would take a tasty fee, but we allowed for this in our calculation! As we don't have a closing statement yet, we can't see where that 'missing" 20% has gone!

I'll provide a further update when we get a closing statement; obviously we are very curious to see where that 20% has ended up!

spouse of scouse

Thanks for updating, will be very handy info for anyone in your situation.

I'm also curious to see why the amount was so much less! There's a reciprocal taxation agreement between the two countries, wonder if you can claim some sort of offset or rebate through your UK tax?